Economy

Economy closes out 2020 with lower than expected 4% gain

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After a year in which a pandemic and politics posed challenges unlike the U.S. has seen in generations, the economy closed 2020 in fairly good shape.

Gross domestic product, or the sum of all goods and services produced, increased at a 4% pace in the fourth quarter, slightly below the 4.3% expectation from economists surveyed by Dow Jones. Thursday’s report was the Commerce Department’s initial estimate of growth for the quarter.

Also Thursday, the Labor Department reported that first-time claims for jobless benefits totaled 847,000 last week, less than the 875,000 expected by economists polled by Dow Jones

In the Commerce report, the annualized pace closed out a 2020 that saw GDP overall…



Source cnbc.com

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